Have you ever wondered how your house insurance rates are determined by insurance companies? Believe it or not, insurance providers don’t simply charge you some arbitrary number, they have a specific formula and set of guidelines they follow in calculating your rates. Once you know how insurance rates are determined, you can figure out about how much a policy should cost you or get ideas for lowering your current rates if you already have a policy. Here are some of the typical factors companies use in coming up with your home insurance rates.
How is Home Insurance Calculated?
Possibly the most important aspect in determining your house insurance is the condition of your home. Any problems your home may have could up the cost of insurance, such as damaged roofing, bad electrical wiring, or even a termite infestation. If there are any possible issues with your home’s condition, your best bet is to get them taken care of before applying for insurance. However, you can still make the necessary repairs after you have your policy, just alert your insurance provider so they can inspect and approve the work.
Another factor in your house insurance rates are the types of safety features installed in your home. If you have up to date smoke detectors and a decent alarm system, you could potentially save money on your insurance as these protect your home from damage and theft. Unfortunately for smokers, cigarettes are seen as a possible fire hazard and can increase your home insurance costs.
You’ve heard it before – location, location, location. You’re house insurance costs could be drastically affected by where your home is located. If you live in a city or state that is prone to natural disasters such as tornadoes, hurricanes, or even earthquakes, you can expect a higher insurance rate. Areas with high rates in thefts or other crimes often carry higher insurance costs too.
While most of the factors in calculating home insurance revolve around your house, some have to do with you. Many insurance companies base their rates on demographics such as your marital status, sex, and age. Your credit score may also be used to help determine your insurance costs, so keep it as high as possible.
Finally, the overall quality of your home may also come to play when your insurance company decides your rates. Do you have a new home that’s built to last with high quality materials? While you may be paying a pretty penny to actually own your home, your house insurance will probably less expensive than someone’s with an older and less expensive house.
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WE’VE SECURED PREMIUM DOMAINS FOR SOME OF THE WORLD’S BIGGEST BRANDS
WHY WE’RE TRUSTED
We’ve Done Half a BILLION Dollars of Domain Deals
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You will not find a better, more trustworthy business that has maximized our profits."
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WHY CHOOSE US?
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Deep Experience
Our team is full of domain experts and our CEO, Jeffrey Gabriel, has contributed to $550m in domain transactions including blockbuster sales like the record-breaking $13m for Sex.com.
Intimate Service
We only work with individuals and corporations who we feel can gain the most impact from our services. We're not a high-volume shop, so you never become "a number on the spreadsheet".
Secure Marketplace
Saw.com's global marketplace brings buyers and sellers together for seamless domain transactions. We have more domain data than any other platform, with 250,000+ names listed for sale.
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Work with our brokers - the brightest minds in the business and stone-cold killers when it comes to buying and selling domains. We speak English, Spanish, Chinese, Russian, and more.
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The Skinny on Umbrella Coverage
What is Umbrella Insurance?
The best way to think of umbrella insurance is as extra coverage in case your insurance maximums on your home or auto are reached and surpassed in an incident. Typically umbrella coverage is only needed or picked up by those who have assets in excess of $100,000 that can be sued [...]
